Competitive Edge
Introduction: ' ' ' Brooklyn Revolution hopes to fill a gap in the market with its unique style of service and choice of food and beverage, this section will focus on some of the key competitors that Brooklyn Revolution with be competing against for its target consumers. The food and beverage market is very competitive, many restaurants struggle through their first year fighting against restaurants that have already obtained a portion of the market share and are unwilling to lose it. The authors of this business plan hope to look at the key competitors and the strategies they have in place in order for Brooklyn Revolution to become a key competitor in the market. Through this competitor analysis and understanding the competitors strategies the authors hope to get an understanding of what the target consumers want from a restaurant and apply it to Brooklyn Revolution. '''Competitor Analysis: ' ' ' Dublin’s population was over 1.25 million in 2011 (Census of Ireland, 2011) and Failte Ireland claims that in 2010 Dublin attracted an estimate of 3.5 million people into the city, even with these high figures there has been a decline in the food and beverage industry caused by the recession resulting in many restaurants and bars closing down. This means that the market is more competitive than ever with businesses competing to stay afloat. Brooklyn Revolution will be targeting the 25-35 year old market trying to appeal to consumers interested in food and beverage combinations and encouraging consumers to think of Brooklyn Revolution as a place where you can start your night out but also a place the consumer can stay all night. Through this vision the authors hope to gain a competitive advantage over other businesses that are targeting the same market. 'Main Competitors: ' There are many different options for the consumer to choose between when searching for a place a to eat and drink in Dublin, for the purpose of this analysis the authors with be looking at some establishments that use some of the same principles as Brooklyn Revolution. After some research the authors found that number of Dublin establishments that are offering Irish craft beers is limited as well as restaurants offering a similar service style as to that which Brooklyn Revolution hopes to adapt. However a big upcoming competitor is J.D. Wetherspoons, which adapts a similar service style to Brooklyn Revolution and is a large chain in the United Kingdom, through the research undertaken, it was discovered that J.D. Wetherspoons plans to open a new restaurant in Dublin some time this year. The Porterhouse chain and J.W Sweetman Craft Brewery will be the main competitors when it comes to the craft beer market. These two establishments have been in Dublin for many years (J.W.Sweetman formally called Messrs Maguire’s) and therefore have built up a competitive foundation in the market. However both these establishments focus more on their alcohol sales then on the food and beverage sales Brooklyn Revolution will be adapting. 'Perception: ' The perception of Brooklyn Revolutions rivals is overall very good, when using websites such as tripadvisor.com and yelp.ie for research the majority of the reviews for J.W. Sweetman, The Porterhouse and the Wetherspoons chain are good. Some of the factors that a consumer looks for when choosing a bar or restaurant is price, quality of food and beverage, location and service. For all three competitors their rating for quality, location and service is something that Brooklyn Revolution will hope to be on par with, however through Brooklyn Revolution’s unique style of service and the relationship it hopes to build with local suppliers, Brooklyn Revolution hopes to beat its competitors on price. Using quality of service and food and beverage and price a perceptual map can be created, Considering the quality of service and food and beverage will hopefully be similar across the map, Brooklyn Revolution will be competing with price and the unique style of service, using price and style of service as its unique selling point. ' ' ' ' ' ' ' ' 'Competitor Strategies: ' There is a large number of different choices for a consumer to choose between in the Dublin City Centre area and with the environmental factors such as the recession little market growth and low market share, therefore it can be hard to deduce what strategies the competitors may be implying. However the location of Brooklyn Revolution within Temple Bar gives it an advantage of being in the heart of the nightlife of the city. ' ' '''Five Forces Analysis: ' ' From the five forces analysis it can be seen that the threat of new entrants is low because of the amount of barriers, these are barriers that Brooklyn Revolution will have to overcome in order to become a competitor in the market. The power of suppliers is relatively weak due to the fact that there are numerous suppliers to choose between however Brooklyn Revolution will be looking at local suppliers of both food and beverage in an attempt to gain a mutually beneficial relationship. The power of buyers is strong due to customers being well informed of the different options available through social media and review websites such as yelp.ie and tripadvisor.com. The threat of consumers using substitutes is high given the amount of different choice that are available in the city centre and the fact that these substitutes will be in close proximity. As would be expected internal rivalries will be strong due to the lack of a clear leader in the market and the highly competitive market share. Exit barriers are in place that makes it difficult to exit the market without big losses. 'Conclusion: ' In conclusion Brooklyn Revolution is emerging into a highly competitive market that is still attempting to break free of the recession, which had a negative effect on the market resulting in numerous closures. Competitors such as the ones mentioned above will be using similar targeting methods such as craft beer and good quality service, however due to the location in the midst of the nightlife of the city centre and its unique selling points it is possible for Brooklyn Revolution to break into the market and possibly become a competitor. ' '